The income statement for the year $2019$ of Nova Co$.$ contains the following information:

Revenues $$70,000$

Expenses:

Wages Expense $$45,000$

Rent Expense $12,000$

Advertising Expense $6,000$

Supplies Expense $6,000$

Utilities Expense $2,500$

Insurance Expense $2_{,}{000}_{?}$

Total expenses ${73}_{,}{500}_{?}$

Net income $($loss$)$ $$(3,500)$

The entry to close Income Summary to Retained Earnings includes

A debit to Revenue for $$70,000.$

Credits to Expenses totalling $$73,500.$

A credit to Income Summary for $$3,500.$

A credit to Retained Earnings for $$3,500.$